嘉楠科技：卖矿机就是交个朋友，也不赚钱｜Techub 财报解读

链捕手Опубликовано 2024-08-20Обновлено 2024-08-20

作者： Chris ， Techub News

嘉楠科技（ Canaan Inc .）近日公布了其未经审计的 2024 年第二季度财务报告。财报显示，公司整体经营状况较 2023 年第二季度及 2024 年第一季度有所改善，盈利能力正朝着积极方向发展。然而，尽管有多项指标显示公司正在取得进展，但嘉楠科技仍面临着重大的财务挑战和市场压力。

摘要

2024 年第二季度，嘉楠科技的经营亏损为 4660 万美元，较上年同期的 1.19 亿美元亏损收窄了 60.9%，较上一季度的 6800 万美元亏损收窄了 31.5%。尽管亏损仍然存在，但亏损的幅度在明显减小。

总营收方面，嘉楠科技在 2024 年第二季度实现了 7190 万美元的收入，这一数字超过了之前市场预期的 7000 万美元，比上一季度增长了 104.8%。这样的增长显示出公司在市场中的竞争力有所增强，尤其是在新产品推出和全球销售布局方面的努力取得了一定成效。

然而，尽管营收有所增长，嘉楠科技的财务状况仍不容乐观。财报数据显示，公司主营业务仍处于亏损状态。具体来说，2024 年第二季度除去存货减记、预付款减记及存货采购承诺拨备后的产品成本为 6240 万美元，而产品收入仅为 6180 万美元，产品亏损 60 万美元。而在 2024 年第一季度，公司在同样计算方式下获得了 1110 万美元的产品盈利，这意味着公司在新季度的核心业务表现有所下滑。

此外，嘉楠科技的现金流也显示出一定的压力。财报显示，公司持有的现金及现金等价物从 2023 年 12 月 31 日的 9620 万美元减少至 2024 年第二季度末的 6680 万美元，下降了 30%。这表明公司在资本管理和运营方面面临挑战，未来有可能需要进一步的资本投入以支持其持续的研发和市场扩展。

主要财务数据

  • 2024 Q2 营收为 7190 万美元，超过之前预期的 7000 万美元，比上一季度增长 104.8%。
  • 2024 Q2 总售出的算力 为 620 万 TH / s ，环比增长 83.9%。
  • 2024 Q2 经营亏损为 4660 万美元，较上年同期收窄 60.9%，较上一季度收窄 31.5%。
  • 2024 Q2 一般及行政费用环比下降 27.0%。这导致总费用同比下降 44.0%，环比下降 10.6%。经营亏损同比收窄 60.9%，环比收窄 31.5%，至 4660 万美元。

嘉楠科技董事长兼首席执行官张南耕表示：在比特币区块奖励减半季度，尽管市场动荡，嘉楠科技仍执行了产品交付计划，加强了全球销售活动，优化了运营，实现了 7190 万美元的营收业绩。嘉楠科技的 A14 产品的批量交付和传统型号的进一步销售使总算力销售量达到 620 万 Thash / s ，环比增长 83.9%。

嘉楠科技还表示：在北美和中东市场的销售实现了显着增长。嘉楠科技的新产品 A1566 自推出以来就收到了很多订单，加上 A14 产品的持续预售，客户预付款增长了 30.2%。嘉楠科技还根据当地监管变化优化了挖矿项目矩阵，带来了 930 万美元的稳定挖矿收入。

笔者认为，尽管市场需求有所增加，但嘉楠科技在收入结构方面仍需进一步优化。2024 年第二季度，公司产品收入为 6180 万美元，相比上一季度的 2340 万美元增长了 164%，同比 2023 年第二季度增长了 6.7%。然而，尽管收入增加，公司在产品成本控制方面仍存在压力，导致整体产品业务未能实现盈利。特别是在全球矿机市场竞争激烈的背景下，公司如何进一步优化产品成本，将是未来能否实现持续盈利的关键。

收入与成本分析

收入

2024 Q2 的收入为 7190 万美元，相比 2024 Q1 收入 3510 万美元，增长 104.8%，相比 2023 Q2 收入 7,90 万美元，同比减少 2.7%。总收入包括产品收入 6180 万美元、采矿收入 930 万美元和其他收入 80 万美元。

其中 2024 年第二季度，公司产品收入为 6180 万美元，相比上一季度的 2340 万美元增长了 164%，同比 2023 年第二季度增长了 6.7%。然而，尽管收入增加，公司在产品成本控制方面仍存在压力，导致整体产品业务未能实现盈利。特别是在全球矿机市场竞争激烈的背景下，公司如何进一步优化产品成本，将是未来能否实现持续盈利的关键。

除了产品销售外，嘉楠科技的挖矿收入在 2024 年第二季度为 930 万美元，较上一季度的 1050 万美元下降了 11.5%，相比 2023 年同期则下降了 41.5%。挖矿业务收入的减少反映出比特币市场波动对公司带来的影响。尤其是在比特币区块奖励减半的背景下，市场的不确定性增加，公司需要在挖矿业务的运营和电力成本控制上采取更加积极的措施。

成本

嘉楠科技在 2024 年第二季度的收入成本为 9100 万美元，相比上一季度的 7240 万美元增长了 25.6%，而较 2023 年同期的 1.439 亿美元则下降了 36.7%。其中，产品成本为 7970 万美元，较 2024 年第一季度的 5980 万美元增长了 33%，较 2023 年同期下降了 30%。

其中 2024 Q2 产品成本为 7970 万美元，2024 Q1 产品成本为 5980 万美元，2024 Q2 增长 33%，2023 Q2 产品成本 1.133 亿美元，2024 Q2 同比下降 30%。同比下降主要由于记录的存货减记、预付款减记及存货采购承诺拨备减少。本季度记录的存货减记、预付款减记及存货采购承诺拨备为 1730 万美元，而 2024 年第一季度为 4750 万美元， 2023 年同期为 4590 万美元。产品成本包括矿机及 AI 产品的直接生产成本以及与生产相关的间接成本，以及存货减记、预付款减记及存货采购承诺拨备。

通过剔除存货减记、预付款减记及存货采购承诺拨备的费用，可以算出 2024 Q2 除去存货减记、预付款减记及存货采购承诺拨备后的产品成本为 6240 万美元，而产品收入仅仅为 6180 万美元，产品亏损 60 万美元，而 2024 Q1 产品收入为 2340 万美元，除去存货减记、预付款减记及存货采购承诺拨备后的产品成本为 1230 万美元，产品盈利 1110 万美元，2023 Q2 产品收入为 5790 万美元，除去存货减记、预付款减记及存货采购承诺拨备后的产品成本为 6740 万美元，产品亏损 950 万美元。

尽管成本有所降低，嘉楠科技的产品业务依然面临亏损压力。在 2024 年第二季度，公司产品业务在除去存货减记、预付款减记及存货采购承诺拨备后的亏损为 60 万美元，而上一季度实现了 1110 万美元的盈利。这表明公司在产品定价、成本控制和市场竞争方面仍有很大的改进空间。

可以发现作为嘉楠科技主营业务的「卖矿机」实际上并不可观，甚至可以称为「卖矿机就是交个朋友，也不赚钱」，在产品收入以及产品成本方面，除了 2024 Q1 是在盈利状态，2024 Q2 以及 2023 Q2 都是处于亏损状态，并且这一部分亏损还没有算上设备和软件减值。

2024 Q2 的挖矿成本为 1100 万美元，2024 Q1 为 1220 万美元，2023 年同期为 3060 万美元。此处的挖矿成本包括挖矿运营的直接生产成本，包括电力和托管，以及已部署矿机的折旧。环比和同比下降主要由于电力成本下降，以及由于早期部署的矿机折旧期结束和当前部署的矿机减值导致的折旧减少。本季度已部署矿机的折旧为 480 万美元，而 2024 年第一季度为 520 万美元， 2023 年同期为 1620 万美元。

2024 Q2 毛亏损为 1910 万美元，相比 2024 Q1 3730 万美元，下降 49% ，相比 2023 年同期为 7010 万美元，下降 72.7%，相较于之前毛亏损环比和同比都在下降。

在 2024 年第二季度，嘉楠科技的总运营费用为 2750 万美元。这比 2024 年第一季度的 3070 万美元减少了 10%，也比 2023 年同期的 4900 万美元减少了 43.8%。在这些运营费用中，一般及行政费用（这类费用通常包括管理人员薪资、办公租金、行政开支等）比上一季度减少了 27.0%。

笔者认为，费用的减少表明嘉楠科技在这一季度采取了一些有效的措施来控制和降低运营成本。这些措施可能包括优化管理流程、削减不必要的开支、提高运营效率等，从而成功地减少了总体费用支出。这种成本控制对公司改善盈利状况和增强财务健康至关重要。

公司首席财务官 James Jin Cheng 表示，2024 年第二季度的营收增长，主要得益于 A14 产品的集中交付，这不仅为提高了收入，也提高了毛利率。尽管挖矿业务受到比特币减半的影响，但公司成功地维持了与减半前相似的毛利率，这有助于比特币持有量的进一步增加。截至第二季度末，公司持有 1114.2 个比特币，创历史新高。

但值得注意的是，虽然嘉楠科技持有的比特币达到历史新高，但是持有的现金及现金等价物从 2023 年 12 月 31 日的 9620 万美元减少至 2024 年第二季度末的 6680 万美元，下降了 30%。

笔者认为嘉楠科技持有的现金及现金等价物减少的原因可能是：

  • 运营支出和投资：嘉楠科技在日常运营、研发投入和市场拓展上可能花费了大量资金。这些支出可能包括人员工资、研发费用、市场推广、供应链管理等。尽管公司控制了部分成本，但这些运营和投资支出仍可能导致现金储备的减少。
  • 资本支出和新项目投入：公司可能在这一期间进行了资本支出，例如购买设备、升级基础设施或投资于新项目。这些支出虽然可能有助于公司未来的增长，但短期内会减少可用的现金和现金等价物。

嘉楠科技表示，计划未来继续严格控制运营支出，以保持成本的可控性和效率，并继续积极投资于研发（研究与开发），以确保公司能够保持和提升其供应能力。此外，嘉楠科技还表示将进一步优化库存结构，以提高运营效率和资金流动性。

Похожее

a16z Crypto Partner: Cryptocurrency is Being Repackaged by Financial Institutions, Its Potential Far Exceeds Imagination

"Digital Assets" and the Real Digital Transformation of Finance The term "digital assets" puzzles many in crypto, as most assets today are already digital. Yet, the financial industry's core infrastructure has largely escaped the profound digital transformation seen in other sectors like media and retail. Beneath modern interfaces, finance still relies on fragmented systems, manual reconciliation, and paper-based processes. The true driver for blockchain adoption by large financial institutions is not ideology but a practical need to solve coordination problems. It provides a neutral system for multiple parties to collaborate without ceding control to a single entity. Asset ownership is encoded directly into the software, eliminating separate ledgers and disputes over records. The asset *is* the record. While crypto's adoption by Wall Street involves compromises and compliance, it inherits a key capability: *composability*. When financial assets exist on shared, programmable infrastructure, they can be combined, extended, and integrated seamlessly. The immediate benefits are faster settlement and lower costs, but the deeper, structural change is the newfound ease of building applications on top of this system. In essence, crypto technology is not disappearing into financial institutions but being repackaged as foundational infrastructure. As Wall Street adopts it, the industry may ultimately inherit more of crypto's transformative potential than it initially anticipated.

链捕手14 мин. назад

a16z Crypto Partner: Cryptocurrency is Being Repackaged by Financial Institutions, Its Potential Far Exceeds Imagination

链捕手14 мин. назад

Berkshire Hathaway and SoftBank: One Must Die

Berkshire and SoftBank: A Tale of Two Extremes The article presents a speculative future (set in 2026) contrasting the investment philosophies and potential fates of Berkshire Hathaway and SoftBank Group. Under new CEO Greg Abel, Berkshire sits on a massive cash pile of nearly $400 billion, built by selling assets like Apple stock over many quarters. Buffett and now Abel deem the market overvalued and refuse to invest, leading to significant underperformance. The "disease" of too much cash poses an existential threat to Berkshire's identity as a capital allocator, potentially forcing a future breakup or special dividend if the bull market persists. Its "death" would be a slow, dignified fading of its legendary investment narrative. In stark contrast, SoftBank's Masayoshi Son is all-in on a high-stakes gamble. To fund a colossal $64.6 billion (and growing) investment in OpenAI, SoftBank has aggressively leveraged itself. It has sold core holdings like Nvidia, T-Mobile, and Alibaba, taken on over $100 billion in parent-level debt, and secured a record $40 billion bridge loan. The survival strategy hinges on a successful OpenAI IPO and the high valuation of its Arm holdings. However, this creates multiple interconnected risks: an OpenAI IPO delay, a correction in Arm's lofty valuation, or a credit market freeze. Any of these could trigger a liquidity crisis. SoftBank's potential "death" would be swift and dramatic. The core thesis is that in this speculative market, one extreme strategy—Berkshire's paralyzing caution or SoftBank's all-or-nothing leverage—will likely prove unsustainable. One may lose its soul, the other may face financial rupture.

链捕手42 мин. назад

Berkshire Hathaway and SoftBank: One Must Die

链捕手42 мин. назад

The AI Economy I Saw at Stripe Sessions 2026

"At Stripe Sessions 2026, the AI economy's impact is undeniable, echoing the delayed productivity recognition seen with computers in the '90s. Stripe's data shows an AI boom: new business formation has surged vertically since early 2026, with companies generating revenue 5x faster than a year ago. AI firms like Lovable and Cursor scale to billions in months. Two key features define this economy: unprecedented speed and being 'global by default,' with companies reaching 55+ countries in their first year. Stripe's global financial infrastructure is critical for this instant international commerce. The conference's central theme was 'Agentic Commerce'—a future where AI agents become economic participants. Demos showed agents autonomously purchasing data, generating reports, and selling them. This shift introduces micro-payments and continuous 'strategic' spending, as agents lack human cognitive friction. New challenges like fraud targeting AI's real inference costs are met with systems like Stripe's Radar. The transition requires an ecosystem. Stripe is collaborating on protocols like the Machine Payments Protocol (MPP) and joining the Universal Commerce Protocol (UCP) to enable seamless agent-to-agent transactions. Underpinning this vision is Stripe's philosophy: 'money is data,' programmable and operable by agents. Thus, Stripe is not just powering the AI economy but acting as its 'heart-rate monitor,' capturing its rapid pulse through transactions equating to nearly 2% of global GDP."

marsbit58 мин. назад

The AI Economy I Saw at Stripe Sessions 2026

marsbit58 мин. назад

Three Months of Raising $6 Billion in Funding: What Are the Leading Crypto VCs Betting On?

While the crypto bear market persists, top-tier venture capital firms are making significant moves by raising massive new funds, signaling a strategic bet on the industry's future. Haun Ventures and a16z recently announced funds totaling $1 billion and $2.2 billion, respectively. This follows other major raises from firms like Dragonfly, Paradigm, ParaFi, and Blockchain Capital. In under three months, these six VCs have amassed over $6 billion in fresh capital, a clear example of counter-cyclical investing during a quiet market phase. The fundraising landscape highlights a sharp divergence between large and small VCs. Many mid-sized and smaller funds are struggling with poor returns, limited exit options, and difficulty raising new capital, leading some to scale back or exit. In contrast, leading firms are strengthening their dominance due to structural advantages: superior access to high-quality deals, the ability to invest across all stages, greater capacity for long-term bets and risk, and stronger negotiation power. These new funds are largely converging on key investment themes. The strongest consensus centers on next-generation on-chain financial infrastructure, including stablecoins, real-world asset (RWA) tokenization, prediction markets, and on-chain payments. VCs are focusing on projects with validated demand that can attract traditional finance flows. Another major focus is artificial intelligence (AI), particularly AI agents, as crypto seeks to position its open, composable networks as foundational infrastructure for the emerging AI economy. Ultimately, this wave of bear-market fundraising is a strategic wager on the next cycle. By deploying capital when valuations are lower and market noise is reduced, these top VCs aim to identify and back the foundational projects that will define the industry's future, betting on which companies will become the next generation of leaders.

marsbit1 ч. назад

Three Months of Raising $6 Billion in Funding: What Are the Leading Crypto VCs Betting On?

marsbit1 ч. назад

AI Agent Practical Guide: How to Power an Entire Company with Three Intelligent Agents?

AI Agent Implementation Guide: How to Use Three Intelligent Agents to Run an Entire Company? Every solopreneur faces the same bottleneck: too much work for one person, yet not enough revenue to hire three full-time employees at $60,000 each. These roles—market research, content creation, and daily operations—are essential and often consume the founder's time. The smartest entrepreneurs are now "building" AI agents for these jobs instead. Using Claude, MCP servers, and agentic workflows, you can build three specialized AI agents: 1. **Research Agent:** Acts as a full-time market intelligence analyst. It proactively monitors competitors, tracks industry trends, identifies opportunities, and delivers a concise weekly briefing. It requires a knowledge base of competitors and market data, tools like web search APIs and access to your files, and a workflow that runs automatically every Monday. 2. **Content Agent:** Manages your entire content production pipeline from ideation to publishing. It generates topics, drafts content, edits for your specific brand voice, repurposes content across platforms, and schedules posts. Key steps include feeding it your best writing samples to learn your style and implementing quality checks to ensure content meets your standards before you add your unique "soul" to it. 3. **Operations Agent:** Serves as your chief of staff, handling time-consuming administrative tasks like email triage, meeting preparation, and generating weekly reports. By connecting to your email, calendar, and project management tools, it can compress hours of daily work into a 15-minute review. The crucial step is enabling these agents to collaborate as a team. A shared knowledge base allows them to work together; for example, the research agent flags a competitor's new feature, the content agent creates a response, and the operations agent drafts a related email to clients. Financially, three human employees cost around $180,000 annually plus overhead, while three AI agents primarily cost your Claude subscription and setup time. While agents lack human judgment, creativity, and empathy, they can handle 70-80% of the workload for these core roles in a startup's first 12-18 months. The guide recommends building one agent per week: start with research, then content, then operations. In three weeks, you can have a 24/7 AI-powered team instead of working alone.

marsbit1 ч. назад

AI Agent Practical Guide: How to Power an Entire Company with Three Intelligent Agents?

marsbit1 ч. назад

Торговля

Спот
Фьючерсы
活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow